Cornerstone Insurance

836 Powdersville Rd.
Easley, SC 29642

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Life Insurance in South Carolina

Life insurance is basically a contract between the insurance company and the policy holder that will pay out a designated sum of money to the policy holder or a named beneficiary in the event of the death of the policy holder. The policy holder pays a premium either as a lump sum or over time in smaller payments- and the agreed-upon amount of benefits is disbursed to the next of kin; this disbursement can cover things such as final medical bills, funeral expenses, and similar expenses that would normally risk bankrupting a family.

There are two main types of life insurance policies: protection policies and investment policies.

Protection policies are the policies most of us think of when we think about life insurance. These are the policies that pay out a lump sum in the event of an adverse event, such as death, dismemberment, terminal illness, or critical illness, depending on the policy. These policies generally have clauses that withhold a payout in the event of suicide, war, fraud, or riots. These policies do not accrue cash value, and can either be individual or group term policies.

Investment policies, such as Whole Life policies and Universal Life (UL) policies, are life insurance policies that are specifically designed to accrue cash value over time. The policy starts with a fixed cash value; premiums paid toward the policy increase this value, while expenses and additional costs reduce the value. The major difference is that Whole Life policies offer much less flexibility in terms of their death payouts, in exchange for the guarantee of lifetime coverage. UL policies offer more flexibility in terms of benefit payouts, but less of a coverage guarantee than Whole Life.

The state of South Carolina does not mandate life insurance coverage for its constituents, nor does it require that employers offer life insurance to their employees. Here at Cornerstone Insurance LLC, we understand that navigating the ins and outs of life insurance on your own can be tricky. Our team of independent insurance agents is always available to help you find the insurance plan that suits your needs and the needs of your family. So don’t hesitate to reach out to our Greenville, SC life insurance agents today!

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Servicing these States

  • South Carolina
  • Georgia